Abound, the leading curated wholesale marketplace connecting small business owners and independent brands, has announced the close of a $22.9M Series A financing round led by Left Lane Capital with additional support from RiverPark Ventures, All Iron Ventures, and Red Antler, the branding company behind consumer products like Allbirds, Casper, and Prose, to name a few.
This investment represents the company’s first institutional fundraise and will accelerate efforts to further international expansion, grow the team, and enhance Abound’s tech offerings.
Founded by Niklas de la Motte, Bill Shope, and Drew Sfugaras in 2019, Abound’s marketplace is dedicated to discovering and supporting brands across the US and UK, as well as providing independent retailers with the support and products they need to compete with the brick-and-mortar and e-commerce behemoths.
All products on the Abound platform are listed at wholesale prices, as much as 50% below retail.
“In a very short period of time, Abound has been able to attract thousands of brands and retailers across the US and UK with our personalized and maker-friendly approach to wholesale e-commerce,” said Bill Shope, CEO and Co-Founder of Abound. “This funding will allow us to continue to attract and support the most talented small business owners across North America and Europe.”
This Series A raise follows a year of growth for the company as demand for a modern wholesale platform hit an all time high. Since the start of 2020, the company has added over 180,000 products to their marketplace and experienced a 20-fold increase in monthly sales volume.
“My family has been in independent retail for the last 20 years. Growing up, I attended many industry events, so I have long understood how under-optimized the wholesale buying and selling experience is,” said Harley Miller, Managing Partner at Left Lane Capital. “With the cancellation of most major trade shows in 2020 and 2021, emerging brands and independent retailers have been seeking new distribution channels to support their business ambitions. Abound offers an exciting and unique alternative to the legacy wholesale model at a time when small businesses need it most.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.